Megaworld Corp., the property development arm of businessman Andrew Tan, on Wednesday said its income in January to September grew 6 percent to P8.6 billion from last year’s P8.1 billion.
The company said consolidated revenues for the period rose 10 percent to P36.9 billion from last year’s P33.4 billion.
“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” Kevin Andrew L. Tan, the company’s executive vice president, said.
For the quarter ending September, the company said its income rose 46 percent to P3.3 billion from P2.2 billion last year.
Consolidated revenues during the quarter rose by half to P14.5 billion from last year’s P9.6 billion, the company said.
Real estate sales doubled during the quarter to P9.6 billion from last year’s P4.7 billion, mainly due to the the expansion in construction activities.
This brings the company’s real estate sales for the nine-month period to P23.1 billion, up by 21 percent from last year’s P19.1 billion.
Reservation sales for the quarter came in at P17.1 billion, a 35-percent increase year-on-year.
During the quarter, Megaworld launched its first eco-tourism township, the expansive 462-hectare Paragua Coastown in San Vicente, Palawan.
Revenues from its hotels and resorts business more than doubled to P552 million during the period, as the consistent performance of the company’s in-city hotels was bolstered by the opening of Kingsford Hotel, its new homegrown hotel brand, in the company’s Westside City township beside Manila Bay earlier this year. It also reflected an increase in revenues by 9 percent to P1.3 billion for the full three quarters of the year compared to last year’s P1.2 billion.
Office rental was flat at P2.9 billion, but it saw a slight improvement from the previous quarter on the back of new lease and renewal contracts. The full nine-month revenues from office leasing were also almost flat at P8.1 billion.
The company’s shopping malls grew its rental income for the quarter by 16 percent year-on-year to P469 million, due to improved performance despite the company’s continued support to its retail partners by maintaining existing rental concessions.